UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report |
| February 12, 2008 |
(Date of earliest event reported): |
|
InFocus Corporation
(Exact name of registrant as specified in its charter)
Oregon (State or other jurisdiction of incorporation) |
| 000-18908 (Commission file number) |
| 93-0932102 (IRS employer identification number) |
27500 SW Parkway Avenue, Wilsonville, Oregon 97070
(Address of principal executive offices, including zip code)
(503) 685-8888
(Registrant’s telephone number, including area code)
Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
InFocus Corporation
FORM 8-K
INDEX TO CURRENT REPORT ON FORM 8-K
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5.02 |
| Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
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Signature |
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Item 5.02. |
| Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
In a meeting held on February 12, 2008, the Compensation Committee (the “Committee”) of the Board of Directors of InFocus Corporation (the “Company”) approved the following executive compensation matters:
Bonus Plan. The Committee approved a bonus plan (the “Plan”) pursuant to which executive officers and certain additional management employees are eligible to receive incentive compensation based on achievement of certain quarterly operating income goals. The Plan provides for a target bonus equal to a percentage of the executive’s annual base salary. The target bonus percentage for each of the following executive officers is set forth below:
Name |
| Title |
| Target Bonus Percentage |
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Robert G. O’Malley |
| Chief Executive Officer |
| 50% |
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Joseph P. O’Sullivan |
| Chief Operating Officer |
| 45% |
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Lisa K. Prentice |
| Senior Vice President, Finance |
| 45% |
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Steven E. Stark |
| Vice President, Engineering |
| 45% |
During the first and second quarters of 2008, upon achievement of the operating income goals, ratable bonuses will be paid quarterly to each of the executives named above, except that Mr. O’Malley shall not be eligible to receive a bonus until the second quarter of 2008.
Stock Options. The Committee approved the following stock option awards to the following executives:
Name |
| Title |
| Shares Subject to Award |
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Joseph P. O’Sullivan |
| Chief Operating Officer |
| 90,000 |
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Steven E. Stark |
| Vice President, Engineering |
| 75,000 |
The stock options become exercisable as to 25% of the total shares one year from the date of grant and as to an additional 1/48 of the total shares each month thereafter, subject to the executive’s continued employment with the Company. Notwithstanding the foregoing, the stock options become fully vested and immediately exercisable if, within 12 months of certain change of control events, the executive’s employment is terminated by the Company or its successor without cause, or the executive terminates his employment with the Company or its successor for good reason.
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Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed by the undersigned thereunto duly authorized.
| INFOCUS CORPORATION | |
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Dated: February 19, 2008 | By: | /s/Mark H. Perry |
| Mark H. Perry | |
| Interim Chief Financial Officer | |
| (Principal Financial Officer) |
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